Shiba Inu price spike occurred after SHIB rose from $0.00001203 to $0.00001303 on Coinbase, driven by a 169% intraday volume surge and heavy derivatives activity; short-term profit-taking produced a long upper wick and a subsequent retracement.
Sharp intraday move from $0.00001203 to $0.00001303 on Coinbase
Trading volume for SHIB/USD jumped 169% on Coinbase; derivatives volume reached $200.16 million
Long upper wick on the daily candlestick and a 1.05 long/short indicator suggest buyer-initiated pump followed by seller pressure
Shiba Inu price spike: SHIB surged on Coinbase after a 169% volume jump; read the technical context and key takeaways for traders. Stay informed with COINOTAG.
What caused the Shiba Inu price spike?
Shiba Inu price spike was driven by a sudden surge in spot trading on Coinbase and elevated derivatives activity, which pushed SHIB from $0.00001203 to $0.00001303 intraday. The move showed bullish intent early, but sellers later capped gains, producing a long upper wick and a partial retracement.
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Price action shows buyers initially pushed SHIB higher, but profit-taking and wider market weakness trimmed gains. CoinGlass data recorded a 169% uptick in SHIB/USD volumes on Coinbase during the event.
Front-loaded volume metrics show the immediate trigger: spot volumes on Coinbase spiked 169% for the SHIB/USD pair, coinciding with a derivatives volume of approximately $200.16 million. This combination amplified price volatility.
The CoinGlass long/short indicator reading of 1.05 indicates marginally more long positions than shorts, which can increase the impact of liquidations and rapid price swings during sharp moves.
The daily candlestick featured a long upper wick, a classic sign that buyers pushed price higher but sellers regained control before the close. The $0.000012 area has acted as confirmed support through multiple retests in August.
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Source: https://en.coinotag.com/shiba-inu-could-see-short-term-volatility-on-coinbase-after-price-spike-and-169-volume-surge/